[IVY LOGO]

                      Ivy International Growth Fund


  Supplement Dated February 4, 2003 To Prospectus Dated April 30, 2002
(as supplemented on May 16, 2002, August 29, 2002, December 23, 2002 and
                            January 10, 2003)

On January 21, 2003, the Board of Trustees that oversees Ivy International
Growth Fund (the "Fund") decided to terminate and liquidate the Fund in
early February, or as soon thereafter as practicable. The Trustees'
decision was based on the failure of the Fund to grow to a sufficient size
to be operated on a cost-effective basis. In connection with the
termination of the Fund, the Board of Trustees has suspended the sale of
the Fund's shares. Consequently, purchase orders for Fund shares will be
rejected by the Fund.